3/21/2003 - Maxwell Technologies, Inc. (Nasdaq: MXWL) announced a planned management transition through which the company’s president and chief operating officer, Richard Balanson, will succeed Maxwell’s chief executive officer, Carl Eibl, as CEO next month.
Eibl, who will continue as a member of Maxwell’s board of directors and retain certain continuing responsibilities in the Company, said that his decision to step aside as CEO is part of a long-term succession plan that began with Balanson’s appointment as COO in May 2002.
“Rich Balanson has had full responsibility for operations for nearly a year, and, with the Montena acquisition in Switzerland completed, our partner in China in place, all divestitures and restructuring completed and a strong balance sheet, the time is right to transition to a single chief executive,” Eibl said. “Maxwell’s future growth and success will be driven by the success of our operating teams in executing our business plans for ultracapacitors and the other products in our portfolio, and Rich has demonstrated the operational and leadership skills to assume the CEO position as the company enters this critical phase.”
Kenneth Potashner, chairman of Maxwell’s board of directors, commended Eibl for his strategic contributions and expressed the board’s confidence in Balanson’s ability to lead a smooth transition.
“Carl Eibl’s strategic vision and passion have been instrumental in completing Maxwell’s transformation from what primarily was a research and development services company into a product-driven commercial enterprise,” Potashner said. “Working hand-in-hand with Carl, Rich Balanson has taken command of the company’s operations, and we know that the management team will respond positively to his leadership.”
Balanson, 53, joined Maxwell in 1999 as corporate vice president and president of the Advanced Energy Products unit, assuming primary responsibility for development of the company’s embryonic ultracapacitor product line. Immediately prior to joining Maxwell, he was president and chief operating officer of 3D Systems, a California-based manufacturer of rapid prototyping equipment. Previously, he was general manager and executive vice president of Maxtor Corp., a Colorado-based disk drive manufacturer, and before that was president and chief operating officer of Applied Magnetics Corp., a California-based maker of magnetic recording components.
Potashner said that Eibl has agreed through the end of 2004 to oversee strategic development of Maxwell’s patent estate, assist with corporate governance, and manage the intellectual property assets and contractual obligations of the company’s PurePulse Technologies subsidiary, which suspended operations in September 2002.
Management will conduct a conference call and simultaneous webcast to discuss the management transition and answer analysts’ questions at 11 a.m. (eastern) tomorrow, March 20, 2003. The call may be accessed by dialing toll-free, (888) 584-2147 from the U.S. and Canada, or (706) 679-7677 for international callers. The webcast and subsequent replay may be accessed at the company’s website, www.maxwell.com, by clicking on “Investors” and then clicking on “Presentations”.
Maxwell sells reliability. We develop, manufacture and market electronic components and systems that perform reliably for the life of the end products into which they are integrated. Our power products address applications in transportation, telecommunications, consumer and industrial electronics, electric utility infrastructure and medical imaging. Our microelectronic products primarily address applications in aerospace. Our power product lines are comprised of ultracapacitors, high voltage capacitors, and custom power and energy storage systems. Our microelectronic product lines are comprised of radiation-shielded power modules, memory modules, and single board computers. We also design and sell automated winding equipment used to manufacture metalized film capacitors and lithium batteries.
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